Bob Scott

Bob Scott

WK Publishes Post-Filing Season Update

Wolters Kluwer Tax & Accounting has published its “2020 Post-Filing Season Update,” a free download on CCH AnswerConnect. The briefing highlights key developments during the filing season.

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IRS Issues Proposed Regs on Small Biz Tax Accounting

The Internal Revenue Service has issued proposed regulations that updates rules for the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act. These apply to tax years beginning in 2019 and 2020. The new rules apply to taxpayers having inflation-adjusted average annual gross receipts of $26 million or less (known as the gross receipts test). Taxpayers classified as tax shelters cannot use these rules.

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Blackbaud Halted Ransomware Attack

Blackbaud halted a ransomware attack in May, the company said this month. It also paid an undisclosed sum to the cybercriminals to destroy what the nonprofit software company said was a subset of its data.

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